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QQQ

Invesco QQQ TrustClose $738.31EOD only
Max Pain
$726.00
Next expiry Jun 1, 2026
Expected Move
±$3.63
0.5% from close
Price Gap
-12.31
Distance to max pain
IV Rank
75
High premium
P/C OI
1.70
Slightly put-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: May 29, 2026 close
End-of-day snapshot

This page reflects QQQ options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 29, 2026 close
QQQ Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 17, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: N/A
Invalidation: VIX >25 or sustained break and close below $611 with rising put flow
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.2% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
ATM/term IVs (~19–23) slightly rich vs VIX 17; pronounced short-dated put skew.
Favorable?
No

Term structure: Near-dated expiries show dislocation: today expiry depressed ATM but elevated put IVs 3–7d; longer-term curve flattish.

⚖️GEX +$1.8B and net premium positive — dealer flow supportive of pinning
📌Max-pain cluster $611–$620 concentrated — pinning risk elevated into weeklies

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+1.8B)

Gamma flip: ~$570.00 — Approx — based on put OI concentration of 109,641 (12.2% below spot)

OI concentrations: Put OI concentrated at strikes $611/$616/$620 = 109,641 contracts, ≈12% of total option OI — heavy cluster at those strikes.

Verdict: High pin risk — heavy OI cluster likely to attract underlying into 611–620 on expiry flows.

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $645.00 call / buy 2026-08-21 $670.00 call
Harvest front-month decay by selling 2026-05-22 $645 and buying 2026-08-21 $670; limited upside exposure and rollable long call.
Debit: $4.60-$5.62
Max loss: $5.62
BE: Path-dependent
Mgmt: Close or roll short leg if price nears invalidation $629.82 or front-month IV >25; trim after >50% credit decay.
#2
Call diagonal
Sell 2026-05-29 $665.00 call / buy 2026-07-17 $635.00 call
Sell 2026-05-29 $665 and buy 2026-07-17 $635 to collect rich short-dated premium while carrying a longer, lower-strike long call as directional hedge.
Debit: $24.95-$30.49
Max loss: $30.49
BE: Path-dependent
Mgmt: Hard size cap: <=3% portfolio notional or max 4 contracts. Invalidate and close short leg if spot ≥680 or short-dated delta >0.45. Close entire position if unrealized loss >25% of initial debit or if front-month IV rises above 30 while back-month IV unchanged (front−back spread >8 vol points). If spot drifts into short strike (≥655), roll short up 10–15 strikes for net credit or convert into a vertical to cap risk; otherwise exit into weekend before expiry.

Risk Alerts

!Short-dated IV dislocation — sudden repricing can widen losses for short premium
!Spot breach below $611 would flip thesis and accelerate put-driven selling
How to Use These Reports
This theta reflects the market close on April 17, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.